PHOENIX — In a farewell speech, the retiring head of the Arizona Credit Union League lashed out over the weekend at the “get rich” conversion schemers who he charged seek to undermine the movement.
In urging fellow CU leaders to “guard the credit union legacy,” Gary L. Plank, the departing president/CEO, said the industry is witnessing attempts at a serious “mutation” of the structure by a handful of parties who exhibit “hypocrisy” in their desire to take advantage.
Plank who said the approach of conversion advocates runs counter to the co-op, member-owner spirit dating back to Edward Filene, spoke at the closing business session of the league's annual meeting held at the Biltmore Hotel.
Plank, a veteran league staff manager with 42 years of service and also chairman of the World Council of Credit Unions, is formally retiring from both jobs next month replaced Aug. 1 in Arizona by Scott Earl, CUNA vice president of league relations and former president/CEO of the Utah League of Credit Unions.
Responding to Plank, the chairman of the Arizona League, Linda Dhaemers of Tucson, pledged that Arizona CUs would remain as “keeper of the keys” to thwart conversions and to guard “what you've built.”
Separately, the league approved a new dues formula and a graduated 25% increase to be spread over the next three years with CUs under $5 million experiencing a decline or no increase.
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